Question

Adrian placed an X-Box on layaway as a Christmas gift. The price of the X-Box was $400.00. The store charges a 5% layaway fee and requires a 15% down payment. Equal installments must be paid each week for six weeks. Determine Adrian's weekly payments

Answer 1

Adrian's weekly payments is $60

Explanation:

* Let us explain how to solve the problem

- Adrian placed an X-Box on layaway as a Christmas gift

- The price of the X-Box was $400

- The store charges a 5% layaway fee

- A 15% down payment

- Equal installments must be paid each week for six weeks

- We need to find Adrian's weekly payments

* At first let us find the down payment

∵ The down payment is 15%

∵ The price of the X-Box was $400

∴ The down payment =
`(15)/(100)*400` = 60

∴ The down payment is $60

∵ The store charges a 5% layaway fee

∴ The layaway fee =
`(5)/(100)*400` = 20

∴ The layaway fee is $20

- The quantity which distributed in installments is the price of the

X-box plus the layaway fee minus the down payment

∴ The installments quantity = 400 + 20 - 60 = 360

- It distributed into 6 equal installments must be paid each week

∴ Each installment = 360 ÷ 6 = $60

* Adrian's weekly payments is $60